Flutterwave, one of Africa’s leading payments technology companies on Wednesday announced it had closed its Series C funding round of USD $170 million, pushing the company’s valuation at more than USD $1 billion, commonly referred to as a unicorn.
Flutterwave said this new fundraise brings the total investment in the company to USD $225 million and is one of only a very small number of African fintech companies to have raised significant funds during this period of the pandemic.
The participants in the latest round was led by a leading group of international investors who include growth-equity firms Avenir Growth Capital (“Avenir”) and Tiger Global Management LLC (“Tiger Global”) with participation from new and existing investors; DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, Salesforce Ventures, Tiger Management, WorldpayFIS, and 9yards Capital, Flutterwave said in a statement.
It said the new funds will allow the payments firm to become a leading global payments company and as well invest the new capital to accelerate customer acquisition in existing and international markets.
“As we look to the future, our focus remains the same which is to stand by our 290,000 merchants across Africa every day as they strive to build their mom-and-pop stores into global businesses. We look forward to increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World, and at the same time continue to bring more of the World to Africa.” Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said.